Nufarm Shares Suffer More Bayer/Monsanto Litigation Blow-Back. No Change to AUD 7.00 FVE
No-moat Nufarm shares continue to struggle, down 14% to AUD 4.30 since April 12. We maintain our AUD 7.00 fair value estimate, holding to the view that the drivers of weakness are transitory. On the Best Ideas List, Nufarm’s price to fair value discount has now blown out to nearly 40%. The Australian drought and teething issues with recent European acquisitions hit near-term earnings and working capital, and U.S. lawsuits against glyphosate manufacturer Bayer further weigh on sentiment. Based on...Nufarm operates in two segment: crop protection and seed technologies. Co.'s crop protection segment is engaged in the manufacture and sale of crop protection products used by farmers to protect crops from damage caused by weeds, pests and disease and is managed by several geographic segments, being Australia and New Zealand, Asia, Europe, North America and Latin America. Co.'s seed technologies segment is engaged in the sale of seeds and seed treatment products and is managed on a worldwide basis.
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